"It's definitely the most important piece of screen-worn Prince clothing that's ever come up for auction," said Joe Maddalena, president of the Calabasas, California-based auction house, Profiles in History. "This is a signature piece of wardrobe worn from an iconic movie in his most famous role."

The coat is a unique find from the typically reclusive artist, who was found dead last week at his Paisley Park complex just outside of Minneapolis.

"Prince memorabilia in general, it just really doesn't exist. It seems like he controlled it all," Maddalena said. "This is the first time ever for something like this, and it might be the only time because the rest of the costumes may be in his (personal) wardrobe."

The original seller said her sister, a makeup artist, received the piece from Prince after they worked together on "Purple Rain."